The USD/JPY pair bounced a little bit during the course of the day on Wednesday, but quite frankly we feel this market is simply sitting still before the holiday. The 120 level below should be supportive, and we believe that the support extends all the way down to the 118.50 level. Because of this, we are buyers of pullbacks and show signs of support and impulsive candles. We have no interest whatsoever in selling, this is a market that seems to be far too supportive and interest-rate differentials should come back into play given enough time.
